The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation—equipment $5,655 Prepaid insurance 880 Accounts payable 1,444 Equipment 11,500 Notes payable (due after 2020) 400 Stock investments (long-term) 264 Common stock 10,000 Debt investments (short-term) 3,690 Retained earnings 2,955 Notes payable (due in 2020) 500 Accounts receivable 1,696 Cash 2,668 Inventory 1,256 Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)
The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation—equipment $5,655 Prepaid insurance 880 Accounts payable 1,444 Equipment 11,500 Notes payable (due after 2020) 400 Stock investments (long-term) 264 Common stock 10,000 Debt investments (short-term) 3,690 Retained earnings 2,955 Notes payable (due in 2020) 500 Accounts receivable 1,696 Cash 2,668 Inventory 1,256 Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.)
| Long-term debt | $1,000 | $5,655 | ||||
| Prepaid insurance | 880 | Accounts payable | 1,444 | |||
| Equipment | 11,500 | Notes payable (due after 2020) | 400 | |||
| Stock investments (long-term) | 264 | Common stock | 10,000 | |||
| Debt investments (short-term) | 3,690 | 2,955 | ||||
| Notes payable (due in 2020) | 500 | 1,696 | ||||
| Cash | 2,668 | Inventory | 1,256 |
Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)
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